Indicative calendar

The main and longer-term refinancing operations are conducted in accordance with an indicative calendar published by the Eurosystem. This calendar is published at least three months before the start of the year for which it is valid. When drawing up the calendar, due account is taken of bank holidays in the individual member states.

Tender system

The Deutsche Bundesbank uses the Open Market-Tender-Operation-System (OMTOS) to conduct Eurosystem open market operations.

For a detailed description and documentation of the system, please access the following link: